NEW DELHI: Revenue Secretary Sanjay Malhotra has requested source of revenue tax payers to document their returns on the earliest because the finance ministry isn’t considering extension of the July 31 cut-off date.
“We expect that the filing would be higher than the last year…we are hopeful that it should be more than the last year,” he stated in an interview to PTI.
About 5.83 crore source of revenue tax returns have been filed as on July 31 remaining 12 months, the remaining day for submitting returns for overview 12 months 2022-23.
“We would like to thank income tax return filers as ITR filing has been at a much faster pace than last year and we would advise them not to wait till the last moment and also not to hope for any extensions.
“So, I’d advise them to document their tax go back on the earliest since the cut-off date of July 31 is rapid drawing near,” he said.
With regard to the tax mobilization target, Malhotra said, it is more or less in line with the target growth rate, which is 10.5 per cent.
The growth rate as far as Goods and Services Tax (GST) is concerned, it is 12 per cent so far, he said.
However, the growth rate is lower than 12 per cent on the excise duties front due to rate reduction.
“It is relatively adverse as of now. Hopefully going ahead, as soon as the affect of the lower within the tax charges is over, we will be able to see some building up in choice of excise tasks. So, total we really feel it is nonetheless early days…we really feel that we must have the ability to succeed in the objective,” he stated.
As consistent with the Budget 2023-24, the federal government expects gross tax receipts of Rs 33.61 lakh crore within the present fiscal.
Of this, the federal government objectives to mobilize Rs 18.23 lakh crore, 10.5 consistent with cent upper than gathered from company and person source of revenue tax, as consistent with the Budget papers.
Collections from customs responsibility are anticipated to upward thrust via 11 consistent with cent to Rs 2.33 lakh crore from Rs 2.10 lakh crore within the revised estimates for FY23.
GST collections are projected to develop via 12 consistent with cent within the subsequent fiscal to Rs 9.56 lakh crore.
Taking each direct and oblique taxes, the gross tax assortment is predicted to develop via 10.45 consistent with cent to Rs 33.61 lakh crore in 2023-24 as in comparison to Rs 30.43 lakh crore mobilized within the remaining monetary 12 months.
“We expect that the filing would be higher than the last year…we are hopeful that it should be more than the last year,” he stated in an interview to PTI.
About 5.83 crore source of revenue tax returns have been filed as on July 31 remaining 12 months, the remaining day for submitting returns for overview 12 months 2022-23.
“We would like to thank income tax return filers as ITR filing has been at a much faster pace than last year and we would advise them not to wait till the last moment and also not to hope for any extensions.
“So, I’d advise them to document their tax go back on the earliest since the cut-off date of July 31 is rapid drawing near,” he said.
With regard to the tax mobilization target, Malhotra said, it is more or less in line with the target growth rate, which is 10.5 per cent.
The growth rate as far as Goods and Services Tax (GST) is concerned, it is 12 per cent so far, he said.
However, the growth rate is lower than 12 per cent on the excise duties front due to rate reduction.
“It is relatively adverse as of now. Hopefully going ahead, as soon as the affect of the lower within the tax charges is over, we will be able to see some building up in choice of excise tasks. So, total we really feel it is nonetheless early days…we really feel that we must have the ability to succeed in the objective,” he stated.
As consistent with the Budget 2023-24, the federal government expects gross tax receipts of Rs 33.61 lakh crore within the present fiscal.
Of this, the federal government objectives to mobilize Rs 18.23 lakh crore, 10.5 consistent with cent upper than gathered from company and person source of revenue tax, as consistent with the Budget papers.
Collections from customs responsibility are anticipated to upward thrust via 11 consistent with cent to Rs 2.33 lakh crore from Rs 2.10 lakh crore within the revised estimates for FY23.
GST collections are projected to develop via 12 consistent with cent within the subsequent fiscal to Rs 9.56 lakh crore.
Taking each direct and oblique taxes, the gross tax assortment is predicted to develop via 10.45 consistent with cent to Rs 33.61 lakh crore in 2023-24 as in comparison to Rs 30.43 lakh crore mobilized within the remaining monetary 12 months.